Palm Coast 1st Qtr and March Real Estate Review

Home prices are down slightly but volume is up. Both lot and condo sales are up, a sign the correction is taking hold.

Palm Coast, FL – April 16, 2010 – Activity within the Flagler County and Palm Coast real estate markets continues to indicate that we are transitioning out of the downturn. Generally, prices are lower but  sales volume is increasing.

Residential Homes

  • 137 single-family homes were sold through MLS in March vs. 125 during March ’09 and 100 during March ’08.
  • The median selling price was $126.5, down from $135 during March ’09 and $168.9 during March ’08
  • The median price per square foot of living space was $69.0, compared with $72.56 in March ’09 and $89.62 during March ’08
  • For the first time in months, the number of distressed (lender-owned via foreclosure or short sales) residential properties sold fell below 50% of all sales
Condominiums
GoToby.com has long predicted the arrival of high-end properties (homes, condominiums, and upscale building lots) into the distressed category as some owners of these properties ran through their financial reserves. Their recent arrival has had the anticipated effect – lower prices.
 

Flagler County Condo Sales First Quarter Comparison

First Quartter of:

# Sold

Median Price

Median $/SF

2008

49

$367,500

$223.92

2009

41

$307,250

$190.28

2010

62

$154,000

$126.49

 

Flagler County Condo Sales March Comparison

March

# Sold

Median Price

Median $/SF

2008

24

$467,500

$309.16

2009

11

$299,500

$182.62

2010

20

$150,000

$142.86

 
High-end Foreclosures filed in March
Among the high-end properties on which Lis Pendens (notice of foreclosure) were filed in March are:
  • A lot in the Village at Palm Coast
  • Three Tideland condominiums
  • Two lots in Yacht Haror Village
  • One home and two lots in Ocean Hammock
  • Two condominiums in the Hammock Beach Club
  • A Surf Club III condominium
  • A Palm Coast Resort condominium
  • Three lots and three homes in Grand Haven
  • Two homes, a lot, and a condominium in Hammock Dunes
  • One home and two lots in Palm Coast Plantation
  • One Conservatory lot
  • One lot in the Gardens at Hammock Beach
  • A River Oaks lot
  • A European Village residential condominium
Building Lots
  • 87 building lots sold in the first quarter of ’10 compared to 63 lots sold during the same period a year ago. Building lot sales signify intent to build.
2009 Property Taxes
Unpaid 2009 property taxes became delinquent April 1. Delinquent tax payments by personal or business check will not be accepted. During May, delinquent taxpayers will find their name and delinquent tax amounts advertised three separate times in preparation for the following tax certificate auction. As always, GoToby.com will report the progress of this process.
Of note; various Ginn entities made payments totaling more than $1.5 million on the last two days of March. Crescent Resources (parent of Landmar) continues to owe 2009 property taxes for most of the company’s Flagler holdings.
Construction News
  • Construction permits have been issued for a three-building complex of apartments just west of the new Publix at Beach Village on State Hwy 100
  • Construction continues on the Epic Theaters in Town Center and the Days Inn at Home Depot Plaza
  • Old Kings Road between SR 100 and Town Center Pkwy is set to reopen May 1st. The road has been widened to four lanes divided by a median and relocated westward to make available a larger parcel on the east side where Wal-Mart plans their newest Super Center.
Flagler Still Growing
A US Census Department report of estimated population shows Flagler County was the fourth fastest growing from 2000 to 2009. Community leaders have urged Flagler residents to respond to their 2010 Census Questionnaire. Flagler is very near the 100,000 population mark. 100,000 is an important goal. It will trigger increased government funding of county projects and draw attention to businesses and retailers looking for good areas in which to expand.
This month’s newsletter is later than usual. GoToby.com apologizes for the delay. The Flagler County Association of Realtors® recently implemented a new MLS software system. Under the old system, whenever a property was reported as "SOLD," the date of the posting was captured and kept by the system. Although the actual selling date was probably a few days earlier, I used the posting date as my selling date. It allowed me to freeze the month, say March, on April 1st because no more sales could be posted with a March posting date.
The new system does not keep the posting date, only the actual sale closing date. Not everyone follows the Association’s rules that require posting sales promptly. A report run on April 8th included 133 single-family homes sold in March. By this morning that number had climbed to 136. Number 137 was posted to the system as I wrote this newsletter. A sale closing in December ’09, two in January and one in February ’10 were posted in April.
Be sure to visit the several homes on display in the 2010 Parade of Homes starting April 17th. See the Parade of Homes magazine on-line by clicking the image below.
  Click to Read - Parade of Homes Magazine - Palm Coast and Flagler County
 
1 reply
  1. John McDonnell
    John McDonnell says:

    thanks

    Toby,
    As always, your information is so pertinent and timely. Thank you for the continual excellent publication on real estate in the Palm Coast area. Haven’t seen you in a long while but always wish you well.
    Sincerely,
    John

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